USDMXN Up 277 Pips On Hourly Chart, Came Into Today Up For the 2nd Day In A Row; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated September 23, 2020 0:14 GMT)

At the time of this writing, USDMXN’s rate is up 277 pips (0.13%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on USDMXN. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

USDMXN End of Day Recap

Updated 00:30 GMT (04:30 EST)

USDMXN is up 1943 pips (0.92%) since the previous day (opening today near 21.310201), marking the 2nd day in a row it has gone up. Out of the 40 instruments in the Forex asset class, USDMXN ended up ranking 6th for the day in terms of price change. Let’s take a look at price chart of USDMXN.

USDMXN

USDMXN Technical Analysis

Coming into today USDMXN is now close to its 20 and 200 day averages, located at 21.5026 and 21.6194 respectively, and thus may be at a key juncture along those timeframes. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 20 day average, which is 1924 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 8 out of the past 14 days.

The View From Around the Web

Not much commentary on USDMXN that we’re finding noteworthy here; as such, there’s not much we can say about sentiment. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

UP UP AND AWAYYYYYYPerfect pullback to the southside, bounce off support, and continuation of monthly move. I am going to take this trade as far as I can personally, but here is the safest route.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram